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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
We determined that the Series B Preferred Shares are a participating security, and accordingly, our basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period.
The components of basic and diluted earnings per share are as follows:
 
For the Three Months Ended March 31,
 
2014

 
2013

Net loss attributable to CME Ltd.
 
 
 
Net loss
$
(47,916
)
 
$
(108,280
)
Less: preferred dividend paid-in-kind
3,844

 
—

Net loss attributable to CME Ltd. – Basic
$
(51,760
)
 
$
(108,280
)
 
 
 
 
Effect of dilutive securities
 
 
 
Preferred dividend paid-in-kind
(3,844
)
 
—

Net loss attributable to CME Ltd. – Diluted
$
(47,916
)
 
$
(108,280
)
 
 
 
 
Weighted average outstanding shares of common stock - basic (1)
146,374

 
88,397

Dilutive effect of employee stock options and RSUs
—

 
—

Weighted average outstanding shares of common stock - diluted
146,374

 
88,397

 
 
 
 
Net loss per share:
 
 
 
Basic
$
(0.33
)
 
$
(1.23
)
Diluted
$
(0.33
)
 
$
(1.23
)
(1) 
For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, primarily because the holder of the Series A Preferred Share is entitled to receive any dividends payable when dividends are declared by the Board of Directors with respect to any shares of common stock.
At March 31, 2014, 1,667,726 (December 31, 2013: 1,425,477) stock options, warrants and RSUs were antidilutive to income from continuing operations and excluded from the calculation of earnings per share. These may become dilutive in the future. Shares of Class A common stock potentially issuable under our 2015 Convertible Notes may also become dilutive in the future, although they were antidilutive to net income at March 31, 2014. Our Series B Preferred Shares were not considered for dilution as they are not convertible until June 25, 2016.